QuoteMeHappy and Admiral displayed the largest growth in home insurance market share in the second half of 2019, the latest momentum figures from Consumer Intelligence show. .
Each brand grew its market share by 0.61% in the six months to 31 December 2019.
The figures are based on Insurance Behaviour Tracker data, which recorded the shopping behaviour and renewal decisions of 6,000 real customers over the course of the six month period.
The momentum figures show a strong push for growth coming from brands which sit outside the Top 10 for markets share – six of the biggest growers in absolute terms are outside the Top 10, including Sainsbury’s Bank, AA and Policy Expert.
This contrasts with the motor market, where 7 of the biggest growers occupied Top 10 market share positions.
One Call grew its book the most, with a 37.9% increase in its customer base. This equated to a 0.2% growth in overall market share. Hastings grew its book by 32% and Policy Expert by 29.2%.
Six of the brands which grew the most did so with the help of above average retention rates. This includes top growers QuoteMeHappy and Admiral, with 64.9% and 64.8% respectively, compared to the market average of 62.9%.
In terms of new business acquisition, Admiral was 2nd (behind Aviva) in themarket gaining 6.2% of all new business sales. QuoteMeHappy was 13th with 2.9% new business acquisition.
Aviva remained the largest brand in the market, with 8.2% share. It were also amongst the top 10 in terms of growth, gaining 0.3% market share. Retention rates remained high for Aviva at 73%. It also placed first for new business acquisition, gaining 6.4% share of all new business.
Understand consumer behaviour throughout the renewal process
Enhance decision making, performance monitoring and planning by understanding consumer behaviours, attitudes and intentions at insurance renewal.
Insurance Behaviour Tracker (IBT) is the most comprehensive insurance focused consumer survey in the market. It provides insight and understanding of consumer behaviour throughout the renewal process, giving you a view of market trends, and brand performance. This will enable you to make informed decisions to allow you to build robust marketing and business plans and track results.
Comment on blog post . . .
Submit a comment